"27 June 2021" Archive

New tax regime vs Old tax regime: How to choose better option for you?

Old vs New tax regime: There is no single answer to this. Prima facia, it can be seen that taxpayers who do not have many deductions to claim can opt for the new regime, and those who have substantial deductions to claim resulting in lower tax can continue with the old regime. Looking at the […]...

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Posted Under: Income Tax |

TCS on Sale of Goods | section 206C(1H) | Income Tax Act, 1961

Important matters connected with TCS provision under section 206C(1H) Of Income Tax Act, 1961 1. The provision that has been brought at this time is only in relation to ‘sale of goods’ and services have been kept away from this provision. 2. This provision will be applicable to seller if the turnover is more than […]...

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Posted Under: Income Tax |

TDS vs TCS – Quick analysis of 194Q & 206C(1H) of Income Tax Act

Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) are the prime mode of collection of Income Tax by the Government. It is imperative that Government takes all such action to widen the net of TDS & TCS and we have seen a hike in this in last couple of years. Now, one […]...

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Posted Under: Income Tax |

Assignment of Trademark in India & IP India Trademark Search

In this blog, we will learn about the process of assignment of trademark in India and IP India trademark search INTRODUCTION: Trademark is an intellectual property. According to the Section 2 (zb) of the Trademark Act, 1999, “trademark” means a mark capable of being represented graphically and which is capable of distinguishing the go...

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Posted Under: Income Tax |

TCS – Tax Collected at Source

Tax Collected at Source – TCS Section 206C: Seller shall collect tax from Buyer at the time of Debiting the amount or Receipt of amount, whichever is earlier. Exception: In two cases, Tax Collection at Source (TCS) shall be collected on receipt of payment: 206C (1F) Sale of Motor Vehicle 206C (1H) Sale of Goods […]...

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Posted Under: Income Tax |

Tax on Income from Other Sources

As per Section 56(1) any income/receipt shall be taxable under this head if it is not taxable under any other heads of income be it salary, profit and gains from business and profession, house property or capital gains. Income from other sources includes the following: DIVIDENDS Dividends are covered under the head Income from other [&hel...

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Posted Under: Income Tax |

Tax on Profits and Gains from Business and Profession

Business Income is the profit that is earned from the business. It is nothing but Total Revenue/Total turnover minus Total Expense. The profit from the business is the taxable income/business income....

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Posted Under: Income Tax |

Public Revenue – Income of the Government

INTRODUCTION ‘Public revenue’ (or Government revenue) is concerned with the Income of the Government through various sources. The Government collects/earns money through various forms of tax and non-tax revenue, and use this money to meet its administrative and other expenditures. Tax revenue are the ones which are derived by the proc...

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Posted Under: Income Tax |

Compromise and Arrangements

Over the period of time, a business grows and expands itself. Companies can either internally restructure the company, or amalgamate with some other company, in order to bring about a change. This growth can be organic or inorganic depending on the way the business chooses to grow....

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Posted Under: Income Tax |

Cross Border Merger

A cross border merger is a merger of two companies which are located in different countries resulting in a third company. It could involve an Indian company merging with a foreign company or vice versa. The local company can be private, public, or state-owned company. Earlier only those cross-border mergers were allowed, where the transfe...

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Posted Under: Income Tax |

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